TheHill.com reports that as re-regulation of the banking industry is debated in Congress, bank PAC's continue to raise huge sums of money to sway lawmakers.

Hee hee. Our own Nancy Watzman also writes for the Politics West section of the Denver Post and today she takes on links between campaign contributions and recent legislative favors to the banking and airline industries to discuss the fates of Frontier Airlines vs. Franny Airlonowitz.

Bank of America has announced it's buying out Countrywide Financial for a cool $4.1 billion and taking a huge tax break by writing off the losses that Countrywide brings to the table from the collapse of the subprime mortgage market, and shifting the tax burden right on over to the taxpayers (many of whom were bitten by the subprime crisis and are now without homes). That's a nice bit of tax policy the commercial banking sector bought with its hundreds of millions in campaign contributions to federal candidates.